My partner and I recently used equity via a loan split from our PPOR with the intent on using this money as a deposit for an investment property. Whilst searching for a property, this money was placed in a high interest savings account in which it accrued taxable income via earned interest. During this time we were also making interest only repayments on the loan. Because this loan created taxable income whilst sitting in the savings account and was not used for any other purpose during this time - I am wondering if the interest only repayments are therefore tax deductible? Thank you
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3,960 views1 replies
1 replies
3,960 views
1 replies